1-Day Analysis:
Big Picture: Ethereum reacts strongly to the EMA-200 support level. Overall, price activity is restricted to the EMA-200 and EMA-250 range levels. Furthermore, after a few days of consolidation, the current structure is beginning to form a bullish flag. Ethereum might either continue to rise from these levels or retest lower supports before rising further. To negate this structure and undermine the bullish momentum, Ethereum should ideally go below 1380.
On the Upside Attempts at the EMA-250 level have failed many times. This indicates that there is still plenty of supply at the EMA level. This EMA hasn’t been regained since late March 2022, and sellers have been actively defending it in recent sessions. If Ethereum can recapture this lost level, the bulls will have won a major victory and will be able to go higher.
On the Downside EMA-200 yesterday saw a weaker initial reaction but ended the session with fine strength. This level is expected to continue offering such strong support. Below EMA-200 the next supports are seen at 1495 level followed by 1460 and 1435.
